Surge in adoption of digital payments, rise in cybercrimes, and increase in the number of credit card users drive the growth of the global identity theft insurance market.
Allied Market Research published a report, titled, “Identity Theft Insurance Market By Type (Credit Card Fraud, Employment Or Tax-Related Fraud, Phone Or Utilities Fraud, Bank Fraud and Others) and Application (Individuals and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global identity theft insurance industry generated $0.57 billion in 2020, and is anticipated to generate $2.09 billion by 2030, witnessing a CAGR of 14.2% from 2021 to 2030.
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Prime Determinants of growth
Surge in adoption of digital payments, rise in cybercrimes, and increase in the number of credit card users drive the growth of the global identity theft insurance market. However, lack of awareness among consumers hinders the market growth. On the other hand, growth in digitalization in developing countries and increase in number of users on online platform present new opportunities in the coming years.
- The outbreak of the COVID-19 pandemic has had a significant impact on the identity theft insurance, owing to increase in usage and adoption of online & digitalized platforms among consumers globally.
- Identity theft insurance cost are experiencing massive growth as consumers are getting familiar with the risks related with electronic identification technologies in the market.
The Credit Card Fraud Segment to Maintain its Leadership Status throughout the Forecast Period
Based on type, the credit card fraud segment held the highest market share in 2020, accounting for nearly two-fifths of the global identity theft insurance market, and is estimated to maintain its leadership status throughout the forecast period. The increase in cases of credit card fraud owing to digitization is proving beneficial for the growth of identity theft insurance market. Moreover, the bank fraud segment is projected to manifest the highest CAGR of 18.6% from 2021 to 2030, owing to rise in digital usage in the banking industry.
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The Individuals Segment to Maintain its Lead Position during the Forecast Period
Based on application, the individuals segment accounted for the largest share in 2020, contributing to more than half of the global identity theft insurance market, and is projected to maintain its lead position during the forecast period. This is due to rise in cases for the personal data theft on social media. However, the business segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030. While imitating a company’s letterhead or sending forged communications are traditional approaches, newer and more sophisticated methods are being developed. As a result, the demand for identity insurance have been surged in recent years by business firms.
North America to Maintain its Dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global identity theft insurance market, owing to developed digitalized platform. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.8% during the forecast period. This is attributed to the continued high speed of digital adoption, along with a rapidly increasing digital ecosystem.
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Leading Market Players
- Allstate Insurance Company
- IdentityForce, Inc.
- McAfee, LLC
- NortonLifeLock In
- Nationwide Mutual Insurance Company
- Asia-Pacific Wealth Management Market
- Asia-Pacific Usage based Insurance Market
- Identity Theft Insurance Market
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